7 Best Credit Cards for Small Business Owners in Canada for 2023

May 19, 2023 at 14:02 PM EDT

Small businesses might not have the monetary resources of bigger competitors, but a little bit of fiscal responsibility goes a long way. Using the right business credit card can help start-ups manage their growing expenses more efficiently.

The right credit card choice benefits employees too, ensuring greater job security and covering expensive travel costs. Here are the seven best credit cards for Canadian small business owners in 2023.

1. American Express Business Platinum Card

The Business Platinum card from American Express is the best business credit card available. It has highly flexible payment options and no pre-set spending limits. Travel perks include airport lounge access and premium airport transfer services. Here are the rates businesses can expect from American Express’s platinum option:

Annual Fee: $499
Interest Rate: Varies by payment option
Rewards Rate: 1.25x points
Welcome Bonus: 90,000 points

Although the annual fee is steep, this credit card makes up for it with a generous welcome bonus and up to 55 interest-free days. While there is also no introductory earnings rate to help businesses maximize their rewards, American Express compensates by providing helpful account management tools.

2. American Express Business Edge Card

If you’re not willing to pay the Platinum card’s annual fee, American Express’s Business Edge card might be more to your liking. This card is packed with value and can support your entire workforce, as you can add up to 99 supplementary cards. Canada classifies small businesses as organizations with one to 99 employees currently on the payroll.

Annual Fee: $99
Interest Rate: 20.00% – 21.99%
Rewards Rate: 1x – 10x points
Welcome Bonus: Up to 67,000 points

It might not offer all of the same perks as the Platinum card, but the Business Edge card is still a great all-around business credit card. In fact, the comparatively low spending limits can help small business owners keep their expenses in check.

3. American Express Aeroplan Business Reserve Card

The third best business credit card also belongs to American Express. The Aeroplan Business Reserve card is great for small business owners who are willing to pay top dollar in the short term. It offers impressive benefits, including strong earn rates for all Air Canada travel purchases. Hotel bookings, car rentals, and airport lounge access will be a breeze.

Annual Fee: $599
Interest Rate: 19.99% – 21.99%
Rewards Rate: 1.25x – 3x points
Welcome Bonus: Up to 120,000 points

Despite the high annual fee, the low-interest rate is especially attractive in today’s economic climate. Low interest helps you save money over time and maximizes your earning potential. However, you have to make your payments on time, or else the interest rate will spike to 24.99%.

4. TD Business Travel Visa Card

TD’s business travel visa credit card is a fantastic all-around option for small businesses. You can earn high travel rates and benefit from perks like foreign currency rewards, premium booking options, and toll-free emergency assistance.

Annual Fee: $149 (only for the first year)
Interest Rate: 19.99% – 22.99%
Rewards Rate: 2x-9x points
Welcome Bonus: Up to 150,000 points

The welcome bonus might be reason enough for your business to choose this credit card. However, keep in mind that you need to increase your spending to take full advantage of the 150,000 points.

5. BMO Air Miles No-Fee Business Mastercard

This business MasterCard from BMO is arguably the best business credit card for covering travel expenses. With Mastercard Easy Savings, you can get automatic rebates of up to 25% when buying from qualified merchants. You can also earn extra Air Miles in numerous ways, including by supporting Shell gas stations.

Annual Fee: $0
Interest Rate: 19.99% – 22.99%
Rewards Rate: .05x – .06x miles
Welcome Bonus: 1,000 miles

To ensure your employees use this travel card responsibly, BMO offers a liability waiver program that protects against misuse. You can get up to 22 supplementary cards to support your business’s road warrior employees.

6. Marriott Bonvoy Business American Express Card

The Marriott Bonvoy business credit card is the perfect option for small business employees who frequently stay at hotels. Although you can only maximize the rewards by staying at Marriott Bonvoy hotels, this caveat should not be an issue. Marriott International is the largest hotel chain in the world.

Annual Fee: $150
Interest Rate: 20.99% – 21.99%
Rewards Rate: 2x – 5x points
Welcome Bonus: Up to 85,000 points

The introductory bonus doesn’t require much spending, so your employees should be able to take full advantage. You can also earn more bonus points by referring friends or transferring points to a frequent flyer program.

7. Desjardins Visa U.S. Business Card

If your business has a lot of dealings in the U.S., this credit card from Desjardins is your best option. Although it uses U.S. currency instead of the Canadian dollar, there are no currency conversion fees whatsoever. However, transactions with currencies other than Canadian or U.S. dollars have a 2.5% fee.

Annual Fee: $30
Interest Rate: 19.4%
Rewards Rate: N/A
Welcome Bonus: N/A

The reasonable annual fee and low-interest rate are major strengths of this card, but the biggest perk is free enrollment in Desjardins’ corporate insurance program. This card ensures simple and secure transactions outside the border, giving your business access to more consumers in the U.S. and other countries.

Only Settle for the Best Business Credit Card

There are numerous credit cards available for small businesses, but only a handful offer generous travel perks, manageable fees, and flexible rewards programs. These seven business credit cards check all of the boxes. Only settle for the best when browsing payment options for your business. Your long-term success depends on it!

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